Gold Settles $45.10 Lower... ($1781.40)

Today's December Gold Futures contract covered a $54.70 range as the fragility in the European Union continues to add strength to United States Dollar. A stronger Dollar is normally Bearish for Gold. The vast trading ranges continue as traders and investors alike continue to use the daily economic data to form their strategies. I believe traders are using the technical support and resistance levels on a daily basis at least until the results of next week's FOMC Meeting....

Today's Initial jobless Claims number was 428,000. This was expected to be 411,000.... Also it was reported that the European Central bank will Lend U.S Dollars to Euro - region banks to ensure they Have enough of the U.S currency...That is also slowing demand for safer haven assets such as Gold......

MY SWING NUMBERS 9/16

DECEMBER GOLD
RESISTANCE # 2...............$1850.00
RESISTANCE # 1...............$1815.00
PIVOT ..............................$1795.00
SUPPORT # 1...................$1760.00
SUPPORT # 2...................$1745.00
VOLUME...........................208,000

Mike Daly / gold Specialist
PFG BEST
mdaly@pfgbest.com
312-563-8029
877-294-4669

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